READING – November 13, 2015 – (RealEstateRama) — Governor Charlie Baker today announced a new mortgage program designed to make it easier for Massachusetts veterans to purchase their first home.
MassHousing’s Operation Welcome Home loan is available to active duty members of the Armed Forces, members of the Reserves and Massachusetts National Guard, honorably discharged veterans and Gold Star Family members.
MassHousing developed the loan program after finding that VA loans have some restrictions that make it more challenging to use in Massachusetts than in other states. There are relatively few lenders in Massachusetts offering the VA loan.
Operation Welcome Home loans for which the borrower makes less than a 20% downpayment will include MassHousing’s MIPlus™ mortgage insurance. MIPlus includes unemployment protection at no additional cost to the borrower. The benefit will cover the borrower’s principal and interest payments up to $2,000 for up to six months in the event of a job loss. For a member of the Reserves or National Guard, activation or deployment overseas will make them eligible for the unemployment benefit as well.